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Developed an international benefits plan for employees in Dubai, the U.S., and the UK.
Developed innovative plan language to insulate plan sponsors from a wide range of litigation risks, including drafting errors, administrative errors, and allocation of fiduciary responsibility.
Prepared comments and testified at hearings on behalf of industry groups and individual clients on a number of proposed regulations that would significantly affect the design and administration of large employers’ employee benefit plans, including regulations issued by the U.S. Treasury Department, U.S. Department of Labor, and Department of Health and Human Services. In recent years, we have advised clients on rulemaking related to health reform, hybrid and other retirement plans, and fiduciary responsibility.
Advised a public company on the addition of new investment options under a section 401(k) plan covering more than 250,000 participants, and a Fortune 50 company on a ground-breaking transaction to add a guaranteed minimum withdrawal investment option to its $15 billion section 401(k) plan.
We have helped a number of employers restructure the committees that oversee their benefit plans, to streamline process, ensure compliance, and reduce risk. In addition to governance generally, we have helped plan fiduciaries manage company stock funds in their 401(k) plans, manage fees, and improve communications with plan participants and regulators.
We have advised a number of employers on a range of complex issues related to the Affordable Care Act, including “shared responsibility” obligations, new mandates, and the upcoming excise tax on “Cadillac” plans.
We recently helped a number of companies restructure their retiree medical benefit programs to reduce costs and volatility. We are also advising employers on related litigation.
We have advised a number of multi-national employers on compensation and benefits issues around the world, ranging from global equity plans to pension issues in India and severance in Brazil.
Advising several large employers on significant changes to the design of retirement plans with billions of dollars in liabilities, including conversions to cash balance, pension equity, and floor-offset arrangements, and plan freezes and terminations.
We have helped employers comply with a range of laws that affect wellness programs, and we have represented clients in meetings with senior officials at the EEOC, U.S. Department of Labor, IRS, and U.S. Treasury Department on agency regulations affecting wellness programs.
November 16, 2015
WASHINGTON, DC, November 16, 2015 - Covington advised Graham Holdings Company, a diversified education and media company, in its acquisition of Group Dekko, a manufacturer of electrical solutions for workspace, architectural lighting, and electrical components. The financial terms of the deal were not announced.
According to Timothy O’Shaughnessy, president and ...
November 5, 2015, Bloomberg BNA
Richard Shea is quoted in a BNA article covering employee benefit plans and how plans can practice “good compliance.” According to Shea, good compliance happens when documentation is consistent, but, he notes, it's rare to find a plan with consistent documentation across the board.
July 2003, Covington Report
May 2003, Covington Report
January 2003, Covington Report
October 2002, Covington Report
September 1, 2002
July 24, 2002, Covington Report
April 2002, Covington Report
June 1, 2001, Covington Alert
May 2001, The ERISA Industry Committee
November 21, 2000, Covington Report
February 14, 2000, Corporate Counsel
October 26, 1998, Covington Alert
September 21, 1998, New York Law Journal
August 27, 1997, Covington Alert